Grupo Televisa, Mexico’s largest broadcaster by far, said it generated a net profit of 678 million pesos ($37 million) in the quarter.

The company posted net sales of 22.8 billion pesos during the three-month period, which ended in March.

In a statement to investors, the broadcaster said its results were hampered by the peso’s appreciation against the dollar during the quarter. Nevertheless, the currency losses were partially offset by an uptick in advertising sales and reduced costs.

Like broadcasters in other markets, Televisa has been forced to reinvent itself amid increasing competition from internet-based streaming services.

After longtime Chief Executive Emilio Azcarraga said he would step down last year, Televisa executives Bernardo Gómez and Alfonso de Angoitia took over as co-chief executives in January. Azcarraga remains chairman of the board.

The company said in February it was considering whether to keep the company intact or spin off some divisions amid the upheaval in the media business.